You are missing the point. If colleges wanted to cut the cord, they could. They don't care if the NFL or NBA loses money by having to build and run proper minor leagues. I don't care either. Nor do I care if they care. In fact, I would prefer it if the pro leagues stopped screwing the colleges and the colleges stopped screwing the players. That would be nice. If the cord were cut, the pro leagues would have no choice but lose that money because the alternative is to destroy the product and lose it all.
My position is simple. Colleges should not be in the business of sports but, if they are, I want my school to do well.